AkzoNobel and Atul to start MCA production in India in 2019
DSIJ Intelligence / 16 May 2017
AkzoNobel and chemicals manufacturing company Atul have formally agreed the joint venture partnership announced last year for the production of monochloroacetic acid (MCA) in India.
AkzoNobel and chemicals manufacturing company Atul have formally agreed the joint venture partnership announced last year for the production of monochloroacetic acid (MCA) in India, as per the information given by the company to the exchanges.
The companies will establish a new plant at Atul's facility in Gujarat by first quarter 2019, with each partner holding 50 per cent stake in the joint venture, to be registered as "ANAVEN".
MCA is an essential building block in the chemical industry and is used in a wide variety of chemicals.
Atul Ltd traded at a fresh 52-week high at Rs 2575 per share in today's trade in the first hour of the trading session, owing to the development on the joint venture.
Over one year period the stock is up by nearly 30 per cent. On YTD basis the stock is up by nearly 23 per cent.
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